WASHINGTON (dpa-AFX) - PENN Entertainment, Inc. (PENN) Thursday announced plans for an expected $180 million to $200 million project to relocate its Ameristar Casino Hotel Council Bluffs riverboat casino operations to a new, state-of-the-art land-based property to be rebranded as Hollywood Casino Council Bluffs.
The proposal was approved by the Iowa Racing and Gaming Commission this morning in conjunction with a 15-year extension of Ameristar's partnership with the nonprofit Qualified Sponsoring Organization Iowa West Racing Association.
All commercial operators in Iowa are required to have an operating agreement with a QSO licensed to conduct gaming operations.
Under the proposed plan, the new Hollywood Council Bluffs is expected to include roughly 125,000 square feet of new development with approximately 58,000 square feet of gaming space and more than 1,000 positions on a single level.
The new facility will complement the existing ESPN BET sportsbook, 160-room hotel and dining options in the landside portion of the current infrastructure. The existing riverboat, which presently offers gaming spread out over three levels, will be vacated upon opening of the new property.
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